Mumbai: NSE Nifty cracked below the crucial 8,800 level, down by 151.10 points to close at 8,715.60, witnessing biggest single-day fall since two-and-half-months points on broad based selling driven by global sell-off on prospect of Fed rate hike this month. The market opened gap-down and stayed negative following a plunge in the US stocks last Friday after hawkish comments of key Fed officials suggesting that the Federal Reserve could resume raising interest rates soon.
The subsequent today’s sell-off in Asian and European markets on concern over the flow of easy money into the market loomed largely over the domestic indices as selling pressure continued throughout the day. Across the board selling was witnessed led by realty slumped by (4.96 per cent), PSU bank (4.74 per cent), metal (4.66 per cent), media (3.35 per cent), infra (3.18 per cent), commodities (2.95 per cent), auto (2.77 per cent), bank (2.25 per cent), pvt bank (2.03 per cent), financials (1.91 per cent), FMCG (1.82 per cent), pharma (1.66 per cent) and energy (1.59 per cent).
The broader midcap and smallcap companies shares also fell sharply by 3.07 per cent and 3.05 per cent. However, IT shares witnessed buying interest. The 50-share Nifty opened gap-down at 8,732.95 and hovered between 8,746.95 and 8,699.40, before ending at 8,715.60 (its biggest fall since June 24) showing dip of 151.10 pts or 1.70 per cent from its last close. Major losers are Hindalco (9.04 per cent), Bank of Baroda (5.93 per cent), Yes Bank (5.57 per cent), Tata Steel (5.40 per cent), Ambuja Cement (4.69 per cent), SBIN (4.30 per cent), BHEL (4.25 per cent), L&T (3.59 per cent) and ITC (2.34 per cent). A total of 1,375 scrips declined, 249 advanced, while 58 remained unchanged.
Total securities that hit their price bands were 103. Turnover in cash segment dropped to Rs 21,136.51 crore from Rs 23,159.88 crore yesterday. A total of 11,685.38 lakh shares changed hands in 85,90,541 trades. The market capitalisation of NSE stood at Rs 1,07,87,958.00 crore.